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Australia shares edge higher on week, Qantas touches 7-month high
May 23, 2014 / 6:22 AM / 3 years ago

Australia shares edge higher on week, Qantas touches 7-month high

(Updates to close)

SYDNEY, May 23 (Reuters) - Australian shares rose 0.2 percent to a one-week high on Friday, supported by gains on Wall Street and in major banks, though weakness in energy stocks capped broader moves higher.

Qantas Airways Ltd climbed 4.7 percent to 7-month highs of A$1.33. Earlier in May, the embattled carrier said it expected to shed 2,200 jobs by the end of June.

The S&P/ASX 200 index added 12.9 points to close at 5,492.8, and was up 0.3 percent for the week, its third consecutive week of gains.

The benchmark gained 1 percent on Thursday, its biggest one-day percentage rise since Feb 12.

New Zealand’s benchmark NZX 50 index added 0.4 percent to 5,151.4.

Reporting by Thuy Ong; Editing by Kim Coghill

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